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BUSINESS
October 21, 2013 | By Michael Hiltzik
JPMorgan Chase, one of our nation's ethically-challenged financial institutions, is facing another big fine. That means that once again you'll be hearing the right wing's go-to defense of the bank: President Obama's out to get JPMorgan Chairman Jamie Dimon. The leading purveyor of this line is the Wall Street Journal editorial page, which wrote last month that Dimon is "the Obama Administration's favorite Wall Street target" because he "keeps deviating from the Obama script. " The claim is that Dimon ticked off the White House by objecting to Dodd-Frank financial reforms, grousing about Obama's "anti-business rhetoric," and even hinting that "he preferred a change in the White House.
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BUSINESS
October 19, 2013 | By Andrew Tangel
NEW YORK -- A large chunk of JPMorgan Chase & Co.'s mounting legal bills may get even bigger. The nation's largest bank could now pay a record $13 billion to settle a raft of federal and state probes, according to a person familiar with the negotiations. Such a settlement would be an increase from the $11-billion figure under discussion three weeks ago when Jamie Dimon, the bank's chairman and chief executive, attended a high-level meeting in Washington, D.C., with Atty. Gen. Eric Holder.
BUSINESS
October 19, 2013 | From Bloomberg News
JPMorgan Chase & Co. has reached a tentative resolution of all civil mortgage-bond related matters with the Department of Justice under which it will pay a record $13 billion, a person familiar with settlement talks said. The amount, which increased to $13 billion from $11 billion during negotiations last night, includes a $4 billion accord with the Federal Housing Finance Agency over the bank's sale of mortgage-backed securities, the person said. The pact, which isn't yet final, doesn't include a release of potential criminal liability for the bank, the person said, at the insistence of U.S. Attorney General Eric Holder, who told JPMorgan Chief Executive Officer Jamie Dimon during talks that such a release wouldn't be forthcoming as part of any deal.
BUSINESS
October 19, 2013 | By Michael Hiltzik
Yes, $13 billion in penalties --the figure at the center of the JPMorgan mortgage settlement deal being reported Saturday--is eye opening. Yes, it's a record in a civil proceeding against a major corporation. But the most significant thing about JPMorgan's deal with the Department of Justice may be what it doesn't do. It doesn't resolve the ongoing federal criminal investigations of the bank's conduct in the residential mortgage securities business during the run-up to the 2008 financial crisis.
BUSINESS
October 15, 2013 | By Michael Hiltzik
Who are the "people who matter"? According to Andrew Ross Sorkin of the New York Times , " investors, analysts, board members and, yes, even regulators," none of whom, he says, wants Jamie Dimon fired as chairman and CEO of JPMorgan Chase.  Is there a weaker argument for Dimon's survival, given that he has presided over an institution that tops all other big U.S. banks in the number and scale of its regulatory inquiries? ( We raised the question of Dimon's leadership record last week, after JPM reported its first quarterly loss of his tenure -- all due to the bank's spending on legal fees and legal settlements.)
BUSINESS
October 11, 2013 | By Andrew Tangel and E. Scott Reckard
NEW YORK - The financial crisis has finally caught up with Jamie Dimon. As leader of JPMorgan Chase & Co., he steered the nation's largest bank through the Wall Street collapse of 2008. At the prodding of panicked U.S. regulators, the mighty New York firm swallowed two teetering rivals, sparing financial markets even more turmoil. Now, even as other troubled firms are emerging from the wreckage, JPMorgan finds itself increasingly weighed down with the baggage of the crisis and other missteps since.
BUSINESS
October 11, 2013 | By Michael Hiltzik
The toll of JPMorgan Chase's relentless lawbreaking under Chairman and CEO Jamie Dimon may finally be getting real for shareholders. According to the bank's third-quarter financial results, released Friday morning, its litigation expenses of more than $9 billion (pretax) more than wiped out its third-quarter profits -- and then some. The bank booked a loss of $380 million. In the year-earlier quarter it made a profit of $5.7 billion.  More hits from legal and regulatory problems are coming.
BUSINESS
September 19, 2013 | By Andrew Tangel
NEW YORK -- The $920-million settlement JPMorgan Chase & Co. struck with regulators in the "London Whale" fiasco contains something rare: an admission the bank broke the law. The U.S. Securities and Exchange Commission, one of four agencies JPMorgan settled with, has long been criticized for letting Wall Street firms and employees escape enforcement actions without admitting their misdeeds. But the JPMorgan settlement further underscores the SEC's stiffer posture under Mary Jo White, a former prosecutor who is now the agency's chairwoman.
BUSINESS
September 19, 2013 | By Andrew Tangel
NEW YORK -- JPMorgan Chase & Co. has agreed to pay $920 million to settle regulatory probes into the firm's "London Whale" trading debacle that rekindled fears of the financial crisis. JPMorgan, the nation's largest bank, also admitted wrongdoing as part of its broad settlement with four agencies. Regulatory settlements have typically contained no admissions and no denials of wrongdoing. The probes accused JPMorgan of unsafe banking practices, misstating financial results and lacking sufficient controls to prevent losses that wound up costing the bank more than $6 billion.
BUSINESS
September 19, 2013 | By Andrew Tangel and Jim Puzzanghera
NEW YORK - JPMorgan Chase & Co. has made a rare declaration for Wall Street: The nation's biggest bank admitted it broke the law. The financial giant acknowledged Thursday that it violated securities laws and agreed to pay fines of $920 million as part of settlements over the "London Whale" trading debacle. The Securities and Exchange Commission and other government authorities alleged the bank suffered widespread breakdowns in controls and management. Regulatory settlements are commonplace for big financial firms.
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